How are RMBX butterfly max profit and max loss calculated?

Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit. For the RMBX butterfly priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 134.70%), the computed maximum profit is $70.00 per contract and the computed maximum loss is -$30.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a RMBX butterfly?

The breakeven for the RMBX butterfly priced on this page is roughly $12.30 at expiration, derived from the September 29, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The RMBX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 38.62%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current RMBX implied volatility affect this butterfly?

Current RMBX ATM IV is 134.70%; IV rank context is unavailable in the current snapshot.

RMBX Butterfly Strategy

RMBX (Investment Managers Series Trust II - Tradr 2X Long RMBS Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

RMBX uses swap agreements and listed call options to make bullish bets on the share price of Rambus Inc. (NASDAQ: RMBS). The fund may also invest directly in RMBS. The company designs and licenses high-speed semiconductor memory architectures, interface chips, and hardware security IP to optimize data transfer speeds and security for data center, artificial intelligence, and cloud computing workloads. The fund seeks to maintain daily leveraged exposure equivalent to 200% of the daily percentage change in RMBS price through daily rebalancing. Returns may deviate from the expected 200% if held for longer than a single day due to factors such as volatility and compounding. The fund expects to invest in US Government securities, money market funds, short-term bond ETFs, and corporate debt as collateral.

RMBX (Investment Managers Series Trust II - Tradr 2X Long RMBS Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $553,246, a beta of 0.00 versus the broader market, a 52-week range of 8-23.61, average daily share volume of 7K, a public-listing history dating back to 2026. These structural characteristics shape how RMBX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.00 indicates RMBX has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a butterfly on RMBX?

A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration.

RMBX snapshot

As of September 29, 2026, spot at $12.81, ATM IV 134.70%, expected move 38.62%. The butterfly on RMBX below is built from the September 29, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 80-day expiry.

Why this butterfly structure on RMBX specifically: IV rank is unavailable in the current snapshot, so regime-based timing for RMBX is inferred from ATM IV at 134.70% alone, with a market-implied 1-standard-deviation move of approximately 38.62% (roughly $4.95 on the underlying). The 80-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated RMBX expiries trade a higher absolute premium for lower per-day decay. Position sizing on RMBX should anchor to the underlying notional of $12.81 per share and to the trader's directional view on RMBX etf.

RMBX butterfly setup

The RMBX butterfly below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With RMBX at $12.81 on that close, the first option leg uses a $12.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RMBX chain at a 80-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 RMBX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$12.00	$3.68
Sell 2	Call	$13.00	$3.38
Buy 1	Call	$13.00	$3.38

RMBX butterfly risk and reward

Net Premium / Debit: -$30.00
Max Profit (per contract): $70.00
Max Loss (per contract): -$30.00
Breakeven(s): $12.30
Risk / Reward Ratio: 2.333

Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit.

RMBX butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on RMBX. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-99.9%	-$30.00
$2.84	-77.8%	-$30.00
$5.67	-55.7%	-$30.00
$8.50	-33.6%	-$30.00
$11.34	-11.5%	-$30.00
$14.17	+10.6%	+$70.00
$17.00	+32.7%	+$70.00
$19.83	+54.8%	+$70.00
$22.66	+76.9%	+$70.00
$25.49	+99.0%	+$70.00

When traders use butterfly on RMBX

Butterflies on RMBX are pinning bets - traders use them when they expect RMBX to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.

RMBX thesis for this butterfly

The market-implied 1-standard-deviation range for RMBX extends from approximately $7.86 on the downside to $17.76 on the upside. A RMBX long call butterfly is a pinning play: it pays maximum at the middle strike if RMBX settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. As a Financial Services name, RMBX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RMBX-specific events.

RMBX butterfly positions are structurally neutral / pin (limited-risk, limited-reward); the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. RMBX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move RMBX alongside the broader basket even when RMBX-specific fundamentals are unchanged. Always rebuild the position from current RMBX chain quotes before placing a trade.

Frequently asked questions

What is a butterfly on RMBX?: A butterfly on RMBX is the butterfly strategy applied to RMBX (etf). The strategy is structurally neutral / pin (limited-risk, limited-reward): A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration. With RMBX etf at $12.81 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed RMBX chain strike and the premiums come straight from that session's bid/ask midpoint.
How are RMBX butterfly max profit and max loss calculated?: Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit. For the RMBX butterfly priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 134.70%), the computed maximum profit is $70.00 per contract and the computed maximum loss is -$30.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a RMBX butterfly?: The breakeven for the RMBX butterfly priced on this page is roughly $12.30 at expiration, derived from the September 29, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The RMBX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 38.62%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on RMBX?: Butterflies on RMBX are pinning bets - traders use them when they expect RMBX to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.
How does current RMBX implied volatility affect this butterfly?: Current RMBX ATM IV is 134.70%; IV rank context is unavailable in the current snapshot.